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Characteristics of Fiscal Expansions and Fiscal Contractions
Regression Results for Depth of Recession
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29 advanced economies 33 R-squared 43 recession 61 recession episodes Accompanying macroeconomic policies alternative fiscal balance Asian crisis automatic stabilizers Capacity utilization closed economies Coefficient z-value Coefficient Composition of fiscal Current account balance depth of recession descriptive analysis discretionary measures economic activity economy/fixed exchange economy/flexible exchange rate effectiveness of fiscal Excess capacity exchange rate regime expansionary fiscal contractions expansions and fiscal final specification fiscal adjustment fiscal balance indicator fiscal deficit fiscal expansions fiscal policy fixed exchange rate flexible exchange rate growth during recessions impact of fiscal initial fiscal position interest rates models monetary policy Number of episodes open economies Open economy/flexible exchange Openness and exchange output gap percent of GDP political constraints primary balances primary structural balance Regression analysis Regression Results relative to trend Results for Fiscal Ricardian equivalence seemingly unrelated regression significant Specification 1 Final Standard deviations t-value Terms of trade trend growth variables Wald test z-value Coefficient z-value